With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are computers, internet services, IT services, semiconductors, and software companies.

Fortune Sector Leaders: Technology

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

Also known as just Analog, the tech company is the world's leader in data converter parts that allow technology to process stimuli such as light and sound.

This year's Fortune 500 marks the 66th running of the list.

A multinational semiconductor company, Analog creates signal-processing products used in aerospace, communications, industrial processes, and military operations.

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Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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Analog Devices is a leading provider of analog, mixed-signal, and digital-signal processors. The company’s integrated circuits serve as a bridge between the physical and the electronic worlds by monitoring, amplifying, and converting real-world signals such as temperature, weight, light, and sound. With a vast product catalog featuring more than 75,000 different models, ADI sells its chips directly and through distributors to customers in the automotive, communications, consumer electronics, and industrial sectors. Founded in Cambridge, Mass., by two MIT graduates in 1965, Analog currently produces chips through a combination of ten internal factories and dozens of contract manufacturers.

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Analog Devices (ADI): Company Profile, Stock Price, News, Rankings

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Analog Devices

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Good morning, and welcome to the Analog Devices First Quarter Fiscal Year twenty twenty five Earnings Conference Call, which is being audio webcast via telephone and over the web. I'd now like to introduce your host for today's call, Mr. Michael Lucarelli, Vice President of Investor Relations and Division Controller of Data Center, Energy and Power. Sir, the floor is yours.

Thank you, Daniel, and good morning, everybody. Thanks for joining our first quarter fiscal twenty twenty five conference call. Moving on the call today are ADI CEO, Chair Vincent Roche and ADI's CFO, Rich Puccio. For anyone who missed the release, you can find it and relaying financial schedules@investor.analog.com. On to the disclosures.

The information we're about to discuss includes forward looking statements, which are subject to certain risks and uncertainties as further described in our earnings release and other periodic reports and other materials filed with the SEC. Actual results could differ materially from the forward looking information as these statements reflect our expectations only at the date of this call. We undertake no obligation to update these statements except as required by law. Refundance to gross margin, operating and non operating expenses, operating margin, tax rate, EPS and free cash flow in our comments today will be on non GAAP basis. These excluded special items.

When comparing our results to historical performance, special items are also excluded from prior periods. Reconciliations of these non GAAP measures to the most directly comparable GAAP measures and additional information about our non GAAP measures are included in today's earnings release. All references to earnings per share on a fully diluted basis. And with that, I'll turn it over to Asia's CEO and Chair, Vincent Roche.

Thanks very much, Mike, and a very good morning to you all. First quarter revenue profitability and earnings per share all finished above the midpoint of our outlook. And while we continue to operate in a challenging macro and geopolitical environment, our first quarter results and outlook for double digit year over year growth in our second quarter builds my confidence that 2025 will be a year of growth. Our track record of resilience and profitability through cycles, combined with our strong balance sheet, supports our long standing robust capital return program. I'm delighted to share that we've increased our dividend for the twenty first consecutive year and that over just the past five years, we have returned more than $16,000,000,000 or roughly 15% of our current market cap to shareholders through dividends and share repurchases.

Turning now to our operating environment, the magnitude and duration of this most recent semiconductor cycle has surprised many of us, but we believe ADI has entered and is well positioned for sustained recovery. Throughout the cycle, we invested diligently to enhance and leverage our hybrid manufacturing model to support the dynamic needs of our customers, both big and small. We work closely with our customers to be responsive to their evolving business needs and map factory starts to true end demand. As a result, inventory levels have largely normalized and our partnership approach with our customers throughout the volatility of the past several years has enabled us to balance supply and real demand. While the macro backdrop will continue to influence the pace of our recovery, the signals we monitor from lean channel inventories to gradual bookings improvements over the past eighteen months, support our view that we've passed the cyclical trough and the tide has turned in our favor.

Throughout the cycle, we've been busily deepening our customer engagements and accelerating our pipeline growth and conversion. Many of the design wins I've shared on recent calls are now contributing to growth. And let me give you some examples. For example, in industrial automation, the shift towards decentralized intelligence to enable modular manufacturing is driving significant growth in software defined connectivity solutions. Our software configurable IO products at double channel density and reduced power consumption by 40% have been installed across all major automation suppliers.

Revenue from these wins has begun ramping as the automation market begins to recover and will provide a durable revenue stream over the next decade. Within the growing surgical robotics segment, increasing levels of content from across our portfolio and in particular, our high precision solutions are being deployed in next generation surgical systems. And additionally in healthcare, the growing interest in a data driven approach to health and wellness is creating a convergence of the clinical and consumer markets and driving demand for higher performance vital signs monitoring in consumer wearables. Our suite of high performance sensors, signal chains and efficient power solutions and wins at leaders in these markets position us for double digit growth this year. Within the automatic test equipment market, the growth of AI has significantly increased our signal chain and power content.

In some cases, by up to 300% across memory test systems. Customers are leveraging our solutions to increase channel density and throughput, while reducing power demands by up to 30% per system. In light of increased hyperscaler CapEx, we expect our 2025 memory and high performance compute test revenue to achieve strong growth. In our broad aerospace and defense portfolio, our modules, which support ASPs often into the hundreds of thousands of dollars, are expected to lead double digit growth in this industrial subsector in 2025. In addition, we're anticipating growth this year from newer design wins in orofin power in the military and commercial satellite sectors.

In automotive, the convergence of trends ranging from autonomy to electrification to immersive in cabin experiences continue to drive robust demand for many of our solutions. For example, our GMSL portfolio is outpacing the growth of advanced driver assistance systems and is positioned to reach yet another record breaking year in 2025. Since acquiring this video connectivity technology in 2021, our revenue has nearly tripled. We're also anticipating continued record setting revenue from our A2B and functionally safe power franchises, which share similar growth trajectories. Lastly, in electric vehicles, BMS is poised to return to growth in 2025 after a challenging prior year.

Part of this growth is coming from our higher content wireless solution wins with key OEMs ramping in America and Europe. In Communications, our growth is predominantly being driven by robust CapEx investments to support AI infrastructure build outs. Our high precision electro optical controller is now shipping in a 1.6 terabit optical module for AI systems based on industry leading GPUs. On the power side of the data center, we're delivering high voltage power path protection systems, which are on a strong growth trajectory and we'll begin shipping our vertical power solutions later in this year. Finally, in consumer, design wins secured in recent years at multiple customers across numerous applications, including premium handsets, hearables, wearables and gaming systems began to drive robust diversified growth in the second half of fiscal twenty twenty four.

With even more content in upcoming launches, we expect a strong year ahead and beyond in consumer. Collectively, we anticipate these combined cyclical and idiosyncratic trends to return us to a solid growth path this year. So in closing, the relatively favorable position in which we find ourselves coming out of one of the worst downturns the industry has ever experienced is not by chance, but rather a reflection of our fiscal and operational discipline, commitment to the success of our customers and our investments for the long term. And while I'm excited about our prospects for 2025, I'm even more excited about the longer term opportunities across numerous concurrent secular growth areas, including automation, digital healthcare, electrification, automotive data center and many, many more. A common request from our customers across our many diversified applications is that we help them tame the increasing complexity by bringing more complete solutions to them, a reflection of our robust technology stack and stellar customer reputation.

In stepping up to our customers' challenge, we continue to push the edges by investing vigorously in our world class analog, mix signal and power portfolios and integrate higher levels of supporting digital and software into our solutions to meet our customers at the application layer. And so with that, I'd like to pass the call over to Rich.

Thank you, Vince. And let me add my welcome to our first quarter earnings call. First quarter revenue of $2,420,000,000 came in above the midpoint of our outlook for a 1% sequential decrease and a 4% decline year over year. Adjusting for the extra week in our fiscal Q1 twenty twenty four, however, our Q1 twenty twenty five performance represents a 4% increase in our first year over year growth since Q2 of twenty twenty three. Industrial represented 44% of our first quarter revenue finishing up 1% sequentially.

The improved customer inventory backdrop is benefiting each of our industrial sites. In addition, we are seeing stronger demand in our automatic pest and aerospace and defensive businesses, each of which were up year over year. Automotive represented 30% of quarterly revenue finishing up 2% sequentially. Our leading connectivity and functionally safe power solutions were each up double digits year over year once again, reflecting secular content growth and greater share position. Communications represented 12% of quarterly revenue, finishing up 6% sequentially.

Wireline, which makes up roughly two thirds of our total communications business was up double digit sequentially and year over year, driven by data center infrastructure build outs fueled by AI demand. Conversely, our wireless revenue continues to see demand challenges. And lastly, consumer represented 13% of quarterly revenue, finishing down 15% sequentially, reflecting seasonal weight. Our second consecutive quarter of robust year over year growth reflects our greater share and stronger content position across a diversified list of applications. Now on to the rest of the P and L.

First quarter gross margin was 68.8%, up 90 basis points sequentially driven by favorable product mix. OpEx in the quarter was $687,000,000 up 32,000,000 sequentially resulting in an operating margin of 40.5%. All told excuse me, non operating expenses finished at $58,000,000 and the tax rate for the quarter was 11.8%. All told, adjusted EPS was $1.63 at the high end of our guided range. Now I'd like to highlight a few items from our balance sheet and cash flow statements.

Cash and short term investments finished the quarter at $2,700,000,000 and our net leverage ratio decreased to 1.1. Inventory increased 27,000,000 sequentially as we replenished the die bank of our fastest turning products. Days of inventory increased to 176, while channel weeks moved lower and remained below our target of seven to eight weeks. Over the trailing twelve months, operating cash flow and CapEx were $3,800,000,000 and $656,000,000 respectively. We continue to expect CapEx for fiscal twenty twenty five to decrease from 24% and fall within our long term model of 4% to 6% of revenue.

Free cash flow over the trailing twelve months was $3,200,000,000 or 34% of revenue. And during the same time period, we have returned more than $2,400,000,000 to shareholders through dividends and share repurchases. As a reminder, we target 100% free cash flow return over the long term using 40% to 60% for our dividend with the remainder used for share count reduction. As Vince mentioned, we announced an 8% increase to our quarterly dividend to $0.99 from $0.92 In addition, our Board has authorized an incremental $10,000,000,000 for share repurchases resulting in roughly $11,500,000,000 of remaining buyback potential under our current program. Now moving on to guidance.

Second quarter revenue is expected to be $2,500,000,000 plus or minus $100,000,000 On a sequential basis at the midpoint, we expect industrial to lead our growth and automotive to grow, while communications and consumer decline. Operating margin is expected to be 40.5% plus or minus 100 basis points, flat sequentially due to a notable uptick in variable compensation. Our tax rate is expected to be 11% to 13% and based on these inputs adjusted EPS is expected to be $1.68 plus or minus

Before passing it back to Mike to begin our Q and A session, I'd like to address the near term backdrop. Overall, our business continues to improve off our Q2 twenty twenty four trough in what continues to be an uncertain macro environment. We saw further order improvement and a positive book to bill during Q1. Importantly, booking strength was driven by industrial and automotive, our two largest end markets. Given this trend and the exciting product cycles Vince described, I'm confident we will return to long term model growth in 2025 and believe we are well positioned to capture additional upside should macro conditions improve.

Thanks Rich. Let's get to the Q and A session. We ask that you limit yourself to one question in order to allow for additional participants on the call this morning.

If you have a follow-up question, please re queue

and locate your question at time levels. With that, we have our first question please.

Our first question comes from Joseph Moore with Morgan Stanley. Your line is open.

Great. Thank you. I wonder if you could talk about the

puts and takes in the auto market. China seems to be the strongest region. Can you talk about how that affects you guys if there is

center of gravity towards China? Does that have any impact on pricing margin or

Sure. Joe, I'll take that one. This is Rich. So let me give you a little color on what we're seeing in auto. Starting with Q1, revenue came in better than expected, driven by Asia, which we've talked about continued strength in China.

As we've talked about in our recent calls, we have flagged we have stronger share and content position at major Chinese EV OEMs with multiple products, again, including our audio and video connectivity solutions, functionally safe power and BMS. And this is coming through in the results and we expect it to continue into Q2. As for the impact of a change in center, we continue to see strong results, right, from three straight quarters of double digit growth in China being led by auto. In addition, from what we can talk about this, we've seen growth in the other parts of the China business, but the auto is continuing to lead.

Yes, I've been saying for a long time, Joe, that as long as there is a market for high performance technologies, that ADI's technologies would continue to be relevant and that is the case. We see it in automotive, we see it in the industrial sector, the cloud communications. And we're getting well paid for the quality of the technologies that we're bringing. So it's clearly a competitive market, particularly at the kind of mid low end with indigenous suppliers coming on stream. But given the high performance trust in our portfolio, we're getting rewarded for the capabilities that we bring at the system level for our customers.

Thank you. Our next question comes from Vivek Arya with Bank of America Securities. Your line is open.

Thanks for taking my question. Rich, just to clarify, what is that long term model growth that you expect to return to this year? And then Vince, my question is for you. You mentioned that inventory levels have largely normalized. Is that distributors?

Is that at OEMs also? Does it apply to all end markets or mostly to industrial? Basically, how does that inform us about how ADI can feel about demand visibility and growth over the next handful of quarters? Thank you.

Yes. Maybe I can take the second part of the question first. Vivexo, we are seeing the normalization across the direct as well as distribution channels. And in pretty much every part of our business, including we were very, very encouraged by the recovery in industrial bookings. And that's a very, very important part of ADI's business.

It's at its peak it was 50, a little 50% of the total ADI revenue stream. So we're seeing we monitor also by the way customer inventories, our top customers. So So we see normalization across segments, across customers, both big and small. We've also, by the way, kind of a bellwether for the general base of customers, outside the top few hundreds would be our mass market or a broad market. We've also started to see recovery there.

Yes. And Vivek, when I talk about the long term model, I'm talking about the published range of 7% to 10%. Although, I think as we've talked about as the macro's turn, I think there's opportunity for us to capture even more growth than that.

I think your one part, three part question, Vivek, you talked about what we think from here, a kind of growth back half of this year. I think what you mean with that is how do we think about seasonality as you get to 3Q and 4Q. Again, this is not guidance for 3Q, but I'll give you kind of what we see as trends typically over the last ten years for our third quarter. In our third quarter, industrial auto and comps are usually flat plus or minus little depending on where you're on the cycle. Given what Vince was saying about industry normalizing new wins coming on, I think those markets should be flat up.

So I think on the higher end of what normal seasonality is for those businesses. On the consumer side, until we start your holiday build, which means you start growing 5% to 10% in 3Q. Now, obviously a lot of macro crosscurrents, really a cocktail of uncertainty out there on the macro side, which could be the second half. We'll update you in ninety days what we really think about 3Q. Our next question please.

Thank you. Our next question comes from Tore Svanberg with Stifel. Your line is open.

Yes, thank you. I had a question for you, Vince. ADI is a pretty unique position because of your hybrid manufacturing model. And I was just wondering, given all the political turmoil, the geopolitical turmoil that's going on right now, how are you thinking strategically about that hybrid model? Because obviously, you're working with a very important partner in Asia, but then obviously also do some of your own internal manufacturing.

So yes, how are you thinking about how this is going to play out in the next few years?

Thanks, Tori. Well, I think in times of great turbulence, diversity is a great benefit. Diversity of markets, diversity of products, diversity of customers and geographies. So I think I feel good in terms of our ability with that diversity to solve two problems essentially. One is diversity gives us optionality, but it also gives us resiliency.

And by the kind of end of twenty twenty six and early twenty twenty seven, we will have secured at least dual sourcing for the entire product chain of ADI. So about 95% of the products will have at least dual sources. And we've obviously desensitized geographic centricity over the last year as we've invested in our fabs internally in America and Europe. And we've worked with our partners as well to get at least two geographical sources for the products that we procure from our partners externally. So I think, we're in a good position as a company to make sure that overall we have internally got twice the capacity we had at the start of the pandemic.

I said, we've secured also additional supply in new sources, new fabs with existing partners. So I think we're in a very, very good position to whether whatever turbulence might come our direction.

Thank you. Our next question comes from Chris Danely with Citi. Your line is open.

Hey, thanks guys. I guess just to dig into the industrial strength, can you just talk about where that's coming from? Is this mostly inventory replenishment? Is it mostly improved demand? Is it both?

And then how did bookings trend during the quarter? Was the linearity pretty steady or was there a spike or just a little more color there would be great? Thanks.

Sure, Chris. I'll jump in on that. So on the industrial, if we take a step back, we've grown this business now sequentially for three straight quarters off of what we said was our trough in Q2. And then as for Q2, we actually expect industrial to be the fastest growing market. So we feel pretty good that our recovery is taking shape and really could accelerate if the macro improved.

For Q1 specifically, and we've talked about this in a couple of quarters, we saw continued strength in ADAP and in the automatic test equipment. And then what we started to see from a positive perspective is stabilization across automation, healthcare and energy, which I think has been important. And then in Q1, '1 of the things that we've talked a bunch about on prior calls is watching for the pickup in the broad market. We started to see some of that. In fact, the pickup in the broad market drove much of the upside relative to our initial expectations, which gives us confidence to begin shipping in line with end demand.

So if you think about we've talked about in prior calls that we took a significant amount of inventory out of the channel during 2024 of about $300,000,000 most of that impacted the industrial market. So as we look at our growth trajectory, shipping more to sell through into the channel will be a tailwind for industrial as well.

Yes. As you know, the industrial sector is largely served through the distribution channel. So, with leanness there, demand recovering, I think all both of those two concurrent streams are tailwinds for the company.

Yes. On the bookings side, bookings have improved industrial in 1Q versus 4Q, pretty much a problem, all the areas with the biggest strength obviously in AT and ADAM as we talked about. And we think industrial will be our fastest growth market in 2Q and that's supported by the bookings. Thanks, Chris.

Thank you. Our next question comes from Joshua Buckhalter with TD Cowen. Your line is open.

Hey guys, thank you for taking my question. I wanted to follow-up on the previous one. I think you mentioned in the prepared remarks inventory levels in the channel moved down and I think they entered the quarter already below your seven to eight weeks target. Does either the April guidance or the fiscal twenty twenty five initial outlook of being in your target range include any sort of channel refill? And I guess what signals do you guys need to see before you would want to more clearly get back into that seven to eight week range?

Yes. So the current guide for Q2 has us shipping to sell through, so not adding into the channel. And I'll tell you for me for the benchmark and we talk to our distribution partners pretty regularly is if we're fulfilling customer requirements and we're not getting any escalations, we're feeling pretty comfortable right now operating below the seven weeks seven to eight weeks we've had historically. To balance that out, we're carrying a bit more inventory on our own books, which gives us some flexibility, particularly given the amount of the inventory we're carrying in Die Bank, which allows us to be quicker to respond. So

to medium term, I don't expect that we would be adding back to the channel, but we certainly do not want to go any lower.

Yes, I think just add a bit of color to what Richard said as well. The centralization of inventory management, I think has served our customers very well, customers of all sizes over the past to what is essentially now five years of this of the old cycle. So we'll continue doing that and that will be a critical guide as we think about how we modulate channel inventories over time.

Very helpful color. Thank you and congrats on the results in the cocktail of uncertainty.

Thank you. Our next question comes from Christopher Rolland with Susquehanna. Your line is open.

Hey guys, thank you for the question. Mine is around two very specific opportunities that you've talked about in the past. One is optical connectivity and then the other is AI power. If you have any developments in those products or markets, would love to know those or maybe it's just playing out like you thought it would, but would love to know how interest orders etcetera are going for those products?

Yes. Thank you. Well, I'd say first and foremost, our opportunity pipeline has been growing steadily in this AI driven infrastructure world. And we've been a long term player in this electro optical interface category, where we provide these very precise high compute throughput control systems for stabilizing the electro optical modems. And we've just introduced our 1.6 terabit, which is the very much the benchmark for throughput in the systems today.

Of course, those speeds will continue to increase. The sophistication of what we build will continue to grow as well. So that's been a very good business, a high growth business for Adriana for many, many years and it predates the AI build out of the build out AI infrastructure. Our power technologies really straddle two different areas. One is, if you like the power control systems that are important for the overall health of a data center at kind of the board level, the server level.

And the other is and a good example by the way of that part control will be these hot swapping reset generators and so on these very, very tough analog problems that need to be solved. The second part of the power story is the delivery of energy to the GPUs, the chip systems themselves. And we're going to production in the second half of this year with a vertical power technique with one of the big hyperscalers. And we have other designs in train that will come on stream as well, I believe in the '26 period.

Fantastic color there. Thank you so much. And maybe just kind of playing into these kind of new products that are emerging here. Are there any new other new products to call out, new customers, new end markets, any of these kind of free options as I like to call them, that are emerging for your company? And anything you can point to, anything new that maybe you haven't had before any new opportunities?

That depends on how far into the future he wants to go. But let me give you a couple of real time examples here. I mentioned in the prepared remarks, the conversions of wellness based healthcare solutions with the consumer sector. We see that the interest in building those systems out is becoming, I would say, very, very active. We're well positioned as a company because we've been building the sensory and signal processing technologies for a long, long time.

So I would call that out as an area with good spectrum of customers across many geographies and many, many different types of healthcare modalities that need to be measured at the clinical grade level incidentally areas like continuous glucose monitoring, being able to do that in a closed loop system, both the input and the output. So I think that is an area that we're excited about, but we have a lot of good technologies that are being deployed at faster rates into that area. And if you want to go really into the future, there is life beginning to appear in the whole quantum computing world. And we're at the early stages of building control systems, if you like precision control systems for these very, very complex computing elements.

Hey, it's Krish. As a reminder, if there's any additional questions from people who've asked questions, please re queue. We have some extra time. Otherwise, we'll go to our next question.

Thank you. Our next question comes from Harsh Kumar with Piper Sandler. Your line is open.

Yes. Hey, guys. I just wanted to hit upon the call for the bottom. I guess you're calling that, I guess what is the confidence level that this is not a head fake? I know you're talking about increased orders and normalization of inventory, but there's a lot of geopolitical movement, there's a lot of tariffs.

Help us understand why the confidence level is so high that we've reached the bottom and this isn't just some kind

Well, I think first and foremost, we have a lot of conversations with a lot of customers. We've tens of thousands of customers in our portfolio. We pay attention to the signal that matters to us most is sell through. So POS is how we that's where we focus and that POS signal is how we plan our supply at ADI, how we run our business and run our supply system. So that's first and foremost.

I think we are seeing the stabilization in the business and growth in certain areas right across the spectrum. And then there is geographically, there is a diversity of progress as well. I'd say Japan is most muted. America and China are strongest. I would say Asia Pacific is strong and Europe is somewhere between where Japan is and where the rest are.

So but that's essentially how we view the work. As we said in the prepared remarks, what's incalculable here in our thinking is the effect of any potential geopolitical turmoil, trade war and so on and so forth. So that I think will be the governor ultimately during this year as to the rate of recovery. But I have a strong conviction that we're in a new cycle in the semi sector and certainly in ADI's business.

Thanks Harshan. We'll go to our last question please.

Yes. I just had a follow-up on the conviction in growth there. Typically when we go through these cycles, I think customers they sort of hold off buying new products until sort of the older products have cleared out. And I'm just wondering if there's some of that going on. I mean, I guess that really relates to your design win conversion rate.

So any comments you can make on that conversion rate really starting to play out would be really helpful. Thank you.

Yes. Well, for example, Tory, the strength we're seeing in ATE markets, in the automotive market, for example, in areas like new data center modalities, those areas are largely driven by a lot of new products. So I would say there's three examples of where new products are making a huge difference. In fact, they're also with each new generation, we're capturing more ASP. So, we've often shared with you our famous vintage chart, which shows the age of the portfolio.

We measure very, very carefully within that vintage chart, the contribution of newer products within a three and ten year period as to what's going on. But I can tell you the conversion rate, the introduction of new parts and the capturing of opportunity with new parts is strong, new products and new solutions. And obviously, we've got also a very strong franchise. Our legacy products tend to get pulled by these new anchor products that we're building. I'd say overall, I'm pleased with the effectiveness of our R and D spends and how we're capturing and creating new markets and new applications and opportunities.

Thanks, Torrance. And I'll now have one more question from Joe Moore, I believe.

Thank you. I'm showing no further questions at this time.

All right. No problem. I think we answered all the questions then. Thanks everyone for joining us this morning. A copy of transcript will be available on our website.

Analog Devices (ADI) Q1 2025 Earnings Call Transcript

Company Participants